Mayman Aerospace to receive $3m from Tawazun’s investment arm
Mayman Aerospace has been given $3m in funding from Strategic Development Fund (SDF), the investment arm of UAE-based economic council, Tawazun.
The investment forms part of SDF’s strategy to invest in dual-use technologies serving both defence and civilian sectors. Mayman will use the funds to continue flight testing the Speeder Air Utility Vehicle (AUV) while progressing through certification.
Mohamed Musabah Al Mazrouei, director – Investments and Portfolio Management, SDF said the fund recognises that Mayman has demonstrated “unique competence” in highly complex engineering. “SDF believes Speeder will deliver valuable, practical applications for defence forces in the very near future. The optimisation of Speeder’s existing propulsion control system, which can be adapted to future technologies, combined with its flexible operating capabilities influenced our decision to invest,” said Al Mazrouei.
Speeder stays airborne through vectored thrust from its gimballed turbine engines. Performance is possible thanks to the energy density of combustion fuel, the firm said — including sustainable aviation fuel (SAF).
“We are also assessing a partnership to set up a Speeder manufacturing center in Abu Dhabi, including flight test, manufacturing, sales, and distribution throughout the MENA region,” Al Mazrouei added.
David Mayman, CEO and founder Mayman Aerospace, said: “This investment is testament to SDF’s trust in Mayman and belief in our unique technology. Speeder’s potential to support multiple military applications is unparalleled and with the new investment we can transition our high-speed VTOL aircraft from flight test to robust commercialisation. The possibilities are limitless, and we are delighted that SDF understands the incredible potential. We look forward to working with them to advance the new era of aviation for the military, civil and commercial sectors.”